Reddit announced its first quarterly report for earnings as a publicly listed company. The company reported a growth in performance of the platform, with a rise in daily active users and a 48% year-on-year increase in revenue.
With the current data, Reddit has an all-time high of 82.7 million daily active users, the number is up by around 37% from last year.
In the past year or so, the company has seen steady growth in its performance, especially when it comes to the number of daily active users. This shows how well Reddit is doing when it comes to maximizing platform engagement.
The all-time high number stat may be based on the period it has been reporting this stat. At one point in time, Reddit reported reaching 430 million monthly active users. So, based on that, Reddit might have seen around 200 million active users at one point.
Since then, they made a lot of changes to the platform, and that forced some users to leave the platform. From then on, Reddit started sharing the number of daily active users stat.
When it comes to revenue, Reddit raked in $243 million for the period, with an ad revenue boost of 39% from last year. But they are also saying that the cost has also been increased in the same period due to stock-based compensation. So, at the moment, the company is operating at a $575 million loss.
This could be offset by the new ad option Reddit is trying to implement. The platform is becoming the de-facto place to find genuine insights on products. This could in turn drive values for brands.
